Mitt Romney lashed back at Harry Reid on Thursday in an interview with Fox News' Sean Hannity, saying the Senate majority leader needs to "put up or shut up" after airing allegations about Romney's taxes.

Reid, a Nevada Democrat, first raised eyebrows Tuesday by saying in a news interview that someone had told him Romney went 10 years without paying taxes. He would only identify his source as an investor in Romney's former venture capital firm, Bain Capital, and he acknowledged, "I'm not certain" it's true.

Here’s the thing. You have a bunch of Senators and Congressmen, who write tax code. They’ve been doing it since the 1920s. To be honest, they don’t know nothing much about tax code, but they get campaign contributions and directions to add three lines into the tax code....so they do it....year after year.

So you have a guy like Mitt who might have $50 million in income a year, and a dimwit might settle back and think that $25 million of that would come to IRS as a tax payment. Well....it doesn’t work that way.

First, you make donations to your church. In this case.....Mitt donates ten percent of his income over the church, so he’s only carrying $46 million in income to start with (remember, I’m only guessing what he earns per year).

Then Mitt has a dozen charity operations and foundations that he donates to....count out another $15 million going to those operations, so he’s got $31 million.

Then Mitt goes to his IRA, 401K donations. Figure 15 percent.....so we are down to $28 million.

He probably puts money into his wife’s IRA/401k and that’s another 15 percent. So we get down to $25 million.

Now, he starts to funnel donations to university operations, scholarships, and various angles where it counts off your income. Eventually, he gets down to $15 million.

Then Mitt does his green energy business with his house, runs up costs on his fake farm, and utilizes forty different tax code exemptions that are perfectly legal because Congress wrote the tax code.

In the end.....Mitt has a true income of $35k and like most other Americans who make that income....he pays no tax.

It’s simple, if you have a full-time accountant doing the math, and you figure that the charity and educational folks can make better use of your money....than the US government.

In this case, Harry might be right, but Mitt has likely obeyed every word of the tax code and done exactly what you’d expect out of any American. Nothing illegal in paying your “fair share” of taxes, which Congress and the Senate wrote the code. If anyone doesn’t like the tax code....just go and move to France (it’s not like we’d up and change or fix our tax code, you know).

Romney needs to call a news conference. Every news organization will be there because they all want the scoop on who the VP pick will be.

Once he has everybody’s complete and undivided attention, remind everyone that;

Harry is accusing him of a felony.

If he has the goods, where is the IRS and the FBI?

Ask why the FBI and the IRS is not questioning Harry and his source.

Remind them that our judicial system is based on the assumption that everyone is innocent until proven guilty.

With that, then repeat his “Put up or shut up” statement to Harry Reid and his masters in the Obama Administration.

Let them know if they were there for news about the VP pick, try the next one.

Take no questions and walk away smiling and waving, just like Ronnie did.

Sure they will be pissed but they will show up to the next one because their desire to start the Gestapo mission against the VP pick will be stronger than having to wait for another and another and another.

It would be impossible for Romney to had made that much money and not pay Federal Income Taxes through a corporation.

I work for a very rich person and if the company has accountants then there is certain executives, CEO included, that gets audited through their own internal offices due to the fact that there's perks that must be reported as taxable income. The ordinary investor would not know anything about the CEO’s taxes.

I agree. It's ironic though, coming from the party who put up “No controlling legal authority” Gore as a presidential candidate, and then John Edwards as a VP candidate, and has among its ranks Sharpton and Waters.

“Harry Reid is a a loathsome creature. An evil little man who most likely has a special place already carved out for him in hell.”

Mormons have a small list of the most vile people on earth whom they refer to as “The Son’s of Perdition.” Growing up as a Mormon we were told about The Son’s of Perdition, but no one ever gave us any names. So, now after more than 70 years of waiting to find out who ‘they” are, I have decided that I know who at least one of them is, Harry Reid!

this morning, in an accusatory manner I heard a clip of Paul Begala accusing Romney of having a notorious reputation for tax avoidance. Big difference between perfectly legal avoidance and tax evasion.

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